Section 88B: Provision Relating to the Formation of the Special Administration

1) If a decision is made to further the work of resolution of any commercial bank or financial institution as per Section 88A., the Bank can further the work of resolution by forming Special Administration Team comprised of maximum three persons from among the persons having qualifications as per prescribed for this purpose, and by taking up the concerned commercial bank or financial institution under its control through this.

2) If the work of all or any member of the Special Administration Team is not satisfactory, the Bank can dismiss him/her from the post as per prescribed.

3) Before dismissing him/her from the post as per sub-section (2), he/she shall have to be given the opportunity of hearing from him/her by being allowed a reasonable time.

4) If the Bank dismisses a member of the Special Administration Team before accomplishing the work relating to resolution, it can appoint another person having the qualifications for that post as prescribed.

5) The remuneration of the member of the Special Administration Team shall be as prescribed, so as to be associated with work performance.